Best Retirement Calculators




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Quick Retirement Calculation

I do not recommend a quick retirement calculation as your final solution.  This procedure will give you a quick snapshot of your retirement planning.

For this quick version, we will use the Charles Schwab Retirement Calculator.  You will need to follow these steps to prepare your input for this calculator.

  1. Decide the year when you are going to retire. 
  2. Use the Social Security Longevity Calculator to calculate your life expectancy.
  3. Decide if you are going to continue to work after your “formal” retirement and if yes, estimate how much that job will pay.  This is entered as “Supplemental income” on the calculator.
  4. Gather this personal information:
    • Current age
    • Age you plan to retire
    • Investment risk style
    • Current annual household income
    • Current retirement savings amount
    • Amount you save for retirement each year
  5. If you will receive SS benefits, when will you start and how much will your benefit be.  Note: This calculator will automatically plug in an estimated benefit from Social Security if you desire.
  6. Estimate your annual living expenses in retirement

Some weaknesses with this calculation:

  • It does not cover spouses.  The Social Security amount is estimated for the individual.   Double check your projected SS benefit against the estimate entered by the calculator.

  • The life expectancy is 90 years of age

  • Investment return before and after retirement is estimated.  Read the fine print to determine rates

  • The inflation rate is assumed at 2.6%. It might be higher.

  • The amount of "Supplemental income" does not have a date when it stops.  If this is a retirement job, the calculator will overstate your other retirement income since you will probably stop working at some point.

Remember that you will get out of this what you put into it.  Use this procedure for a quick calculation, but do not plan the last 20 – 30 years of your life using it.

Perform your quick retirement calculation with the Charles Schwab Calculator

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